2016
Annual Review

Securities Code: 2579

TO OUR SHAREHOLDERS AND INVESTORSI am grateful for the understanding and supportof the many parties involved in the launch of
Coca-Cola Bottlers Japan.
I present here our ideals and future prospects.

Representative Director &President

Striving to become a company that delivers “Beverages for Life,” in step withpeoples’ lives and daily needs
April 1, 2017 represents a defining moment in the history of the integration of the Coca-Cola system in ­Japan.
As recently as 1999, there were 17 independent­Coca-Cola bottlers in Japan, each of which had a strong
local presence and business operations in their designated geographic sales territories throughout the country. On
April 1, 2017, the bottling territories in the West and East
regions of Japan were brought together into one company
through the business integration of Coca-Cola West andCoca-Cola East Japan. Out of this union, comprising 12 of
the original “legacy” bottler territories in Japan, Coca-Cola
Bottlers Japan Inc. (CCBJI) was created, with a sales area
covering Tokyo, Osaka, Kyoto and 35 prefectures, representing approximately 90% of the domestic sales volumeof the Coca-Cola system in Japan. CCBJI is now thethird-largest Coca-Cola bottler in the world in terms of revenue, and a leader in the Japanese soft drink industry withnational scale.

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ANNUAL REVIEW 2016

Throughout our history, we at CCBJI have provided awide variety of brands and products across key beveragecategories, and we have led the industry and the global
Coca-Cola system as a total beverage company. Moving
forward, we will continue to provide a rich beverage portfolio that appeals to a wide range of ages and drinking
occasions in order to further grow our business in stepwith peoples’ lives and daily needs. This is what we call
“Beverages for Life.”
We expect the soft drink market in Japan to continue togrow, despite demographic trends, driven by growth inper-capita beverage consumption, as consumer needs diversify and industry competition remains robust. Amidthese conditions, the creation of CCBJI will increase ourcompetitive strength and create a solid business foundation to respond quickly to changes in our operating environment and to meet the needs of our customers and the
local communities in which we operate. In addition, we willleverage our respective knowledge and experience across
CCW and CCEJ to introduce best practices that strengthen sales activities and improve production efficiency tocontinue to grow the Coca-Cola business in Japan, and tolead and support the development of the Japanese softdrink industry.

TO OUR SHAREHOLDERS
FeatureBusiness Overview
AND INVESTORS
Kick-off of CCBJI

CSR Initiatives

Launch of Mid-Term Strategic Plan, theGrowth Roadmap for 2020 & Beyond,creating sustainable growth, integration synergies and world-class capabilities
We recently announced our mid-term strategic plan, theGrowth Roadmap for 2020 and Beyond. Under this plan,we expect to achieve ¥25 billion in net integration synergies by 2020, while building capabilities to deliver sustainable revenue growth.
We are committed to a growth agenda supported by thethree strategic pillars of revenue growth, vending business
transformation and development of a robust product innovation pipeline. Best-in-class customer interaction, marketplace execution and in-depth local knowledge are
critical enablers to ensure the success of these initiatives.
Our revenue growth initiatives will expand sales and improve profitability, while ensuring we stay true to our consumers. We will deliver profitable, high value-added
products and leverage our competitive advantage in marketplace execution, superior customer service and local
consumer insights.
Second, we will re-imagine the vending business toachieve profitable growth. Leveraging our strength as thelargest operator of vending machines in Japan, we will
promote reforms to create vending machines that are themost convenient channel for customers while at the sametime taking a comprehensive review of the cost to serve inthis important channel.
Third, innovation is the key to create and sustain revenue growth from attractive new products that contribute toprofit growth. By actively promoting value-added innovation that is embraced by consumers and customers, aswell as sharing, implementing and executing successful
examples from across the global Coca-Cola system, we
will capture new opportunities for innovation and move forward together with The Coca-Cola (Japan) Company.
Finally, we will work on optimizing our balance sheet andcapital structure through the Growth Roadmap for 2020
and Beyond, enabling us to maximize shareholder returns
and ultimately achieve 6% or higher ROE (return on equity)
by 2020.

Corporate Gover- Dividend Policy andConsolidated
Consolidated
Company Profile /nance
Shareholder Rewards Financial Indices Financial Statements Stock Information

Striving to achieve 2017 earnings targets and creating additional momentum
In 2017, the first year of the Growth Roadmap for 2020
and Beyond, we expect to generate revenues of ¥906.5
billion, operating income of ¥40.1 billion, recurring incomeof ¥38.1 billion, and net profit attributable to owners ofparent of ¥21.5 billion.
By operating segment, we expect net revenues of¥872.4 billion and operating income of ¥36.5 billion in thesoft drink business and net revenues of ¥34.1 billion andoperating income of ¥3.6 billion in the healthcare & skincare business.
Regarding shareholder returns for 2017, we forecast
annual dividends of ¥44 per share (interim ¥22, year-end¥22). This is consistent with the dividend per share paid in2016 prior to the integration of the two companies (excluding commemorative dividends), and reflects our commitment to providing a stable dividend while continuing toinvest as necessary for the health and sustainable growthof this business.

Growth and innovation to become abest-in-class Coca-Cola bottler worldwide
CCBJI will steadily implement the Growth Roadmap for2020 and Beyond to reinforce its financial standing while
enhancing growth and profitability, in an effort to respondto our shareholders and investors’ expectations throughenriching returns and improving corporate value. At thesame time, as the largest Coca-Cola bottler in Japan anda leader in the beverage industry, we will strive to be acompany that is trusted by consumers and customers togrow hand in hand with the communities in which we operate.
Moving forward, we will continue our journey to transform into a best-in-class Coca-Cola bottler both in formand substance through our unrelenting efforts to grow andinnovate, as the springboard for our future.
We ask for the continued understanding as well as thelong-lasting support from all of our valued stakeholders.

ANNUAL REVIEW 20162

Feature

Coca-Cola Bottlers Japan

Kick-off!
CCBJI is…
	

On April 1, 2017, Coca-Cola West (CCW) whose
sales area covers the Kinki, Chugoku, Shikoku
and Kyushu regions, and Coca-Cola East Japan(CCEJ) whose sales area covers the Tokyo
metropolitan area, South Tohoku and Tokai regions integrated their businesses to establish
Coca-Cola Bottlers Japan Inc. (CCBJI).

Sales Area after Integration

The world’s third largest
Coca-Cola bottler by revenue 	 A Total Beverage Company,
offering 50+ brands,
600+ SKUs**Stock keeping unit 	 Responsible for around 90% of

total sales volume for the
Coca-Cola system in Japan

CCBJI by the Numbers

Annual Revenue

Sales Area

About 1 trillion yen Annual Sale Volume
Tokyo,
More than 500
Osaka, Kyoto Number of Consumers
million casesand 35 prefectures About 50 million households
About 112 million consumers(aggregation of CCW and
CCEJ 2016 results)(Sales area population)(aggregation of CCW and
CCEJ 2016 results)

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ANNUAL REVIEW 2016

TO OUR SHAREHOLDERS
FeatureBusiness Overview
AND INVESTORS
Kick-off of CCBJI

CSR Initiatives

Corporate Gover- Dividend Policy andConsolidated
Consolidated
Company Profile /nance
Shareholder Rewards Financial Indices Financial Statements Stock Information

Historical Evolution of CCBJI

April
2017

2017

CCW

2015

CCEJ

2015

2015

CCW

2013

Coca-Cola East Japan(CCEJ)

Shikoku

2013

2002

2001

2013

Coca-Cola West
(CCW)

2009

Coca-ColaWest Japan

MikasaMinami­ Shikoku
kyushu

Tokyo

Tone

Mikuni

CCCJ

SendaiMinami­ Shikoku
kyushu

Tokyo

Tone

MikuniCoca-Cola
Central Japan(CCCJ)

Sendai

2006

Kinki

1999

Before Kita­
1998 kyushu

Sanyo

2001

MikasaKinki

Minami­ Shikoku
kyushu(including temp staff)

Tokyo

Tone

Mikuni

Fuji

Chukyo Sendai

Sales andDistribution Centers

Number of
Employees
About 25,000

Sendai

Customer Outlets
About 320,000 outlets

Number of
Vending Machines
About 740,000(as of end of 2016)

351 centers(as of January 2017)

Manufacturing
Plants17 plants(as of end of 2016)(as of end of 2016)
ANNUAL REVIEW 2016

4

Feature

Medium-Term Business Plan

Growth Roadmap for2020 & Beyond
The heart of the decision to form CCBJI
Bringing together aproven leadership teamcommitted to growthPartnering with ourcustomers andcommunities

Driving shareholder
value

Key metrics and picture of success
Key metrics

Picture of success

Revenue Growth+1.8% CAGR (2016-2020)
Revenue growth management initiatives, revenue-rich innovation

Value Share

Value ahead of volume
Value share growth ahead of volume share growth

Transactions

Growth in packaging for immediate consumption
Growth in smaller, immediate consumption packs

EBITDA* Margin

EBITDA margin above 10%
Deliver strong cash flow from operations

Return on Equity(ROE)

ROE above 6%
Optimize balance sheet to maximize shareholder returns*Earnings before interest, taxes, depreciation and amortization

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ANNUAL REVIEW 2016

TO OUR SHAREHOLDERS
FeatureBusiness Overview
AND INVESTORS
Kick-off of CCBJI

CSR Initiatives

Corporate Gover- Dividend Policy andConsolidated
Consolidated
Company Profile /nance
Shareholder Rewards Financial Indices Financial Statements Stock Information

Key points
Financial
framework

Focus ongrowthNew
operatingmodel

Integration
synergies
People &communities

Focus on growthEstablishing a new operating model

Strategic
Growth Pillars

Renewed
Focus onRevenue
GrowthRe-imagine
Vending
Business

Operate as one
enterprise

Coca-Colasystem mindset

Lead the industry

EnrichInnovation
Pipeline

Customer Engagement
Best-in-Class Execution

Organize for growthIn-depth Local Knowledge

Create integration synergies

Financial framework[Synergy Targets (net)]+¥5 billion¥25 billion

By 20201.

Grow earnings to generate steadycash flow

2.

Invest to grow & deliver synergy
commitments

3.

Build efficient capital structure andfocus on ROE

By 2023

People & communities

1.

Invest in developing capabilities of employees who are
the pillars of customer focus and local expertise2.

Strengthen local community connections

ANNUAL REVIEW 2016

6

Feature

Supported by a solid corporate
governance structure(As of July 1, 2017)

Company with Audit and Supervisory Committee	
Blend of experienced board members with adiversified and global mindset

Board of Directors

Tamio Yoshimatsu

Vikas Tiku

Yasunori Koga

Costin Mandrea

Representative Director &President

Representative Director &Vice President,
Chief Financial Officer,
Head of Transformation

Director & Senior Executive
Officer,
Head of Administration

Director & Senior Executive
Officer, Head of Commercial

Hiroshi Yoshioka

Tadanori Taguchi

Zenji Miura

Irial Finan

John Murphy

Outside, Independent
Director

Director,
Audit & Supervisory
Committee Member

Outside, Independent
Director,
Audit & Supervisory
Committee Member

Outside Director,
Audit & Supervisory
Committee Member,President of Bottling
Investment Group,
The Coca-Cola Company

Outside Director,
Audit & Supervisory
Committee Member,President of Asia PacificGroup,The Coca-Cola Company

Executive Officers
Shunichi Nasu

Jawahar Solai Kuppuswamy

Bruce Herbert

Senior Executive Officer,
Head of Integration Management
OfficeSenior Executive Officer,
Head of Finance

Senior Executive Officer,
Head of Supply Chain

Kyoichi Takagi

Shigeki Okamoto

Haruko Ozeki

Executive Officer,
Head of Corporate Planning

Executive Officer,
Head of Corporate
Communications

Executive Officer,
Head of Legal

Toyoji Okada

Asako Aoyama

Raymond Shelton

Executive Officer,
Head of Human Resources

Executive Officer,
Head of Transformation Projects

Executive Officer,
Head of Investor Relations

Maki Kado

Edward Walters

Yoichi Nishiguchi

Executive Officer,
Head of Procurement

Executive Officer,
Head of Logistics

Executive Officer,
Head of Manufacturing

Yoshiaki Murata
Executive Officer,
Head of Key AccountManagement

7

ANNUAL REVIEW 2016

TO OUR SHAREHOLDERS
FeatureBusiness Overview
AND INVESTORS
Kick-off of CCBJI

CSR Initiatives

Corporate Gover- Dividend Policy andConsolidated
Consolidated
Company Profile /nance
Shareholder Rewards Financial Indices Financial Statements Stock Information

Business Overview

Soft Drink Business
Revenue Composition*

Soft Drink Business
Operating Income Composition*

96%

90%

Soft Drink Business
The Soft Drink Market in Japan*Results for the first half of fiscal 2017 (January to June)

The soft drink market in Japan has been growing steadily, approximately 18% in volume growth over the past 15 years.
In particular, market growth has been driven by the supermarket channel, as well as the tea and mineral water categories.
Trends in Market Size
2001
Composition by Channel

2016
Composition by Category

Water
Other

5%

Vending
MachineConvenience
Store

Sports39%

22%

Supermarket

Other

Other Sparkling
13%
Juice

Other
Convenience
Store

12%

9%
Tea

Coffee28%24%Composition by Category

Composition by Channel

22%

Vending
Machine

15%

Water

14%

29%

6%

Supermarket

Juice

8%

Sports38%

23%

Sparkling

Tea

28%

Coffee20%(Millions of cases)

2,000

1,896
1,800

1,600

1,610

1,400

1,200

0

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016 (Year)(Source: Inryou Souken)

The Role of CCBJI (as a Bottler) in the Coca-Cola System in JapanThe Coca-Cola system operates as a franchise system. The bottler, CCBJI, engages in manufacturing, distribution andsales of finished products as a franchisee. At the same time, Coca-Cola (Japan), the franchisor and a wholly-owned
subsidiary of The Coca-Cola Company, engages in operations such as planning, research and development of products, producing syrup concentrates and advertising.
Coca-Cola (Japan) Co., Ltd.

Planning

ResearchandDevelopment

Productionof Syrup
Concentrates

CCBJI (Bottler)

Producing
Products

Product
Distribution

Sales

Collection ofContainers

Recycling ofContainers

ANNUAL REVIEW 2016

8

Soft Drink Business
Channel Overview
Other
Vending

Food Service

27%

15%
Retail8%Composition*of Sales Volume
by Channel

Convenience
Store

15%

Supermarket

34%*Results for the first half of fiscal 2017 (January to June; including January to March actual of CCEJ)

Chain Store (Supermarkets and Convenience Stores)
At supermarkets, we work to liven up points of sales through initiatives suchas implementing campaigns tailored for each season and event. Additionally,
we strive to increase revenue through meticulous sales activities that matchthe right brand, package, price point and sales channel with the beverage
consumption occasion. On the other hand, our revenue growth strategy forconvenience stores includes launching new products and joint promotions
with customers.
Display at a supermarket

Vending (Vending Machines)
In the vending channel, our products are delivered directly to consumers
through vending machines. With the aim of increasing revenue per machine,
we work to improve the consumer attraction of vending machines throughmeasures such as introducing new products and developing products exclusive to the vending machine channel, and differentiation of product line-up
depending on the location. In addition, we are actively expanding into indoor
locations with high potential. Furthermore, we are striving to provide new value through the use of IT with the Coke ON app for smartphones, launched in2016.

Coke ON, a smartphone app

Retail & Food Service (Restaurants, Kiosks, etc.)
As for restaurants, we are striving to enhance the range of our products byproviding ideas such as drink menus that highlight our products. Specifically,
we are working on generating new demand by promoting our non-alcohol
cocktails as “mocktails.” As for kiosks and other outlets, we are striving togrow our business by making use of sales equipment such as coffee machines and table-top coolers. In addition, in response to growing demand forthe online selling of our products, we have been devoting resources for marketing activities geared toward online sales.
Drink menu with our products

9

ANNUAL REVIEW 2016

TO OUR SHAREHOLDERS
FeatureBusiness Overview
AND INVESTORS
Kick-off of CCBJI

CSR Initiatives

Corporate Gover- Dividend Policy andConsolidated
Consolidated
Company Profile /nance
Shareholder Rewards Financial Indices Financial Statements Stock Information

Product Overview
Other

Sparkling

Juice 4%

Coffee25%

7%
Tea19%
SportsWater 10%

33%

16%
Other productpackages

Composition*of Sales Volume
by Category

21%

Small-sized
PET

Syrup,
PowderComposition*of Sales Volume
by Packaging

Medium-sized
PET

1%

Can,
Bottle canLarge-sized
PET

21%

8%

*Results for the first half of fiscal 2017 (January to June; including January to March actual of CCEJ)

Sparkling

Tea

Sports21%

Water

CoffeeMajor Brands 
Coca-Cola
The brand Coca-Cola boasts the top share of the sparkling beverages market. Initiatives
to support the brand included promotions linked to the Rio de Janeiro Olympic Games
in 2016. In 2017, we developed various limited edition Coca-Cola slim bottles, such as
the cherry blossom design and a special design for Tokyo. In addition, we launched“­Coca-Cola plus,” a FOSHU designated product* to satisfy the needs of health-conscious consumers.
*For details of a Food for Specified Health Use (FOSHU), please visit https://en.ccbji.co.jp/product/.

Coca-Cola plus

CherryblossomdesignGeorgia (Coffee)

Regional design

Georgia is the number one brand in the canned coffee beverage market. Our new
launches during 2016 included “Georgia The Premium Bito,” a bottle-canned coffeewith a full body and subtle sweetness, and “Georgia Café Bottle Coffee” (950ml), which
provides a freshly brewed aroma and richness either at home or at the office, to namebut a few of the efforts to cater to diversifying consumer needs. Additionally, during thehigh-demand winter months we ran the “Vending Machine +2°C Campaign,” which

Georgia
Vending Machine +2°C Campaign
The Premium Bito

provides heated beverages in vending machines at warmer temperatures to meet consumers’ demand.

Ayataka (Green tea)
Ayataka is characterized by “an authentic green-tea taste like fresh brewed in ateapot” using high quality Japanese tea leaves. In 2016, we worked to grow revenue by responding to consumers’ diverse tastes through the launch of two flavors,“Ayataka” and “Ayataka Nigorihonoka.” And in 2017, which marks 10 years since
the launch of Ayataka, we are making efforts to enhance the Ayataka brand suchas renewing the product packaging.

Ayataka

Ayataka
Nigorihonoka

ANNUAL REVIEW 201610

Business Overview

Healthcare & Skincare Business
Revenue Composition*

Healthcare & Skincare Business
Operating Income Composition*

4%

10%

Healthcare & Skincare Business*Results for the first half of fiscal 2017 (January to June)

Market sizes for health food and cosmetics products in Japan
Backed by consumers’ increased consciousness toward health and beauty, the market sizes for health food and cosmetics products in Japan have seen continued growth every year.
Trends in Market Size of Health Food

Trends in Market Size of Cosmetics(Unit: Billions of yen)

(Unit: Billions of yen)

800

700

2,600

719.6

720.8

766.6

746.0

600

2,200

500

2,000

0

0
2013

2,401

2,400

2014

2015 *(Estimation)2016 * (Year)(Projection)*Estimated by Yano Research Institute (as of October, 2016)

2,320

2,330

2013

2014

2015

2,450

2016 * (Year)(Projection)(Source:Yano Research Institute Ltd.)

Channel Overview

Home Shopping
The home shopping channel accounts for about 90% of revenue.
We continuously review our infomercial programs and broadcast
slots to enhance consumer attraction. Call centers receive orders
and provide guidance as a point of contact to provide sales sup-At acall center

port, spreading awareness of new products as well as proposing
products that match consumer characteristics and needs. Sales
promotion activities to existing consumers include value campaigns in our membership newsletter.
Infomercial program

11

ANNUAL REVIEW 2016

TO OUR SHAREHOLDERS
FeatureBusiness Overview
AND INVESTORS
Kick-off of CCBJI

CSR Initiatives

Corporate Gover- Dividend Policy andConsolidated
Consolidated
Company Profile /nance
Shareholder Rewards Financial Indices Financial Statements Stock Information

Product Overview
Other

Revenue
Skincare Composition
47% by Product*
Healthcare

52%*Results for the first half of fiscal 2017 (January to June)

Healthcare Products
Kale Powder

Hiza Support Collagen

Our Kale Powder contains 100%
domestically grown and handpicked kale which is free of both
agrichemicals and chemical fertilizers. Kale Powder is rich in various
nutrients that our bodies needsuch as beta-carotene, calcium,
potassium, vitamin C and dietaryfiber.

Hiza Support Collagen is the firstfood that claims knee joint supportin Japan. It contains a functional
substance “collagen peptide” andshows its effectiveness whenbending and stretching knee joints.
*For details of the functional claims on these products, please visit
http://corporate.kyusai.co.jp/company/r-and-d/research/kinousei/.

First Collaboration between the Soft Drink Business and the Healthcare & Skincare Business
Launched
December
2016

Minute Maid Oishii Fruit Aojiru
By blending high quality kale juice (aojiru) made in Japan by Q’SAICO., LTD. which is produced without using any agrichemicals or
chemical fertilizers, and Minute Maid brand apple, white grape andorange fruit juices, we have created an aojiru which is tasty andeasy to drink. Available in an easy to consume 190g can size, it isperfect for a drink on a busy morning or refreshment while on thego.

Skincare Products
Cola-Rich Series
Cola-rich is an all-in-one beauty gel cream, with all the functions of a lotion,
milky lotion, serum and skin cream contained in one product. We are striving toenrich the product line-up of the Cola-rich series by launching products such as“Cola-rich Face Wash CC,” a serum face wash containing collagen and“Placenta α,” an all-in-one beauty supplement.

ANNUAL REVIEW 2016

12

CSR Initiatives
Water Resource Protection Activities
At CCBJI, water is a precious resource for all of our products. We strive to Reduce, Recycle and Replenish in order toprotect water resources.

Water Resource Management
In the Coca-Cola system, “Water Neutrality,” where the same amount of water that has been used in products or the manufacture of products is returned to nature, is a key priority. In 2016, “Water Neutrality” was achieved across the Coca-Cola
System in Japan.

Water Neutrality Diagram

Reduce:Recycle:less water usedin manufacturing

careful treatment
of used water

Water used in
manufacturing

Replenish:

Total amountof water usedin ourmanufacturing
plantscultivate
groundwater
resources
Water used in
products

Replenishing Water Resources through Forest Conservation Activities

Groundwater

Rainwater is slowly absorbed in forests with water retention capabilities
maintained through forest thinning, tree-planting and other forest conservation activities, which then forms a vast supply of groundwater.

13

ANNUAL REVIEW 2016

Water to berecycled backto natureTO OUR SHAREHOLDERS
FeatureBusiness Overview
AND INVESTORS
Kick-off of CCBJI

CSR Initiatives

Corporate Gover- Dividend Policy andConsolidated
Consolidated
Company Profile /nance
Shareholder Rewards Financial Indices Financial Statements Stock Information

Support through Sports Activities
As a company that progresses together with local communities, we contribute to creating a society where individuals
can have active, healthy lives through sports activities for children who will become flag-bearers of the next generation andsupport for activities such as city-sponsored marathons in many locales.
We are also keen on promoting interest in rugby and field hockey, both of which are sponsored by the Company, withefforts led by the “Coca-Cola Red Sparks,” a men’s rugby team in the Japan Rugby Top League, and the “Coca-Cola
West Red Sparks,” a women’s field hockey team in the Hockey Japan League.
In addition to active participation in their respective leagues, both teams are holding sports promotion activities in close
connection with local communities, including rugby and field hockey lessons, seminars and clinics.

Rugby clinic

Field hockey clinic

Contribution to the Local Communities
Under the concept that healthy local communities are the foundation of our sustainable business activities, we aim to become a company which is trusted as a member of the local community through support for the local events and cultural,
educational, and welfare activities.

Classic Concerts and Family Musical

Youth Support through the Challenge InternshipWe have been sponsoring Classic Concerts since 1989, providing high-quality and authentic classical music performances
for local residents. Since
1994, we have held Family
Musicals during summer
break for both children andparents to enjoy.

In cooperation with the “Challenge Internship” hosted by
Fukushima Prefecture, we are supporting internship programsfor high school and university students at NPOs in the prefecture. This activity is geared toward helping young individuals
learn about resolving social
issues in the region and encouraging them to make acontribution.

Product Donations through Food Banks

Supporting “Ichimura Shizenjuku-Kyushu’s” Activities

Through food banks, we donate our products to local welfare
facilities and incorporated NPOs that support childcare, welfare
for the disabled and thehomeless. We started this activity from April 2016.

Since 2003, we have continued supporting “Ichimura
Shizenjuku-Kyushu,” a program which promotes educational
activities for children. During an eight-month period every year,
elementary and junior school
students stay in one of Tosu
City’s nature-rich locations
over a weekend, participating in activities that mainly
provide hands-on experience in farming tasks.

ANNUAL REVIEW 201614

Corporate GovernanceCorporate Governance Basic Policy
The Company’s basic policy for corporate governance is to increase management efficiency and transparency, thus raising shareholder value.
With the aim of further strengthening our governance structure, the Company has put in place an Audit & Supervisory
Committee. The Company’s Audit & Supervisory Committee consists of three outside directors in addition to one full-time
director.
In addition to a majority of its members serving as outside directors, the oversight function of the Audit & Supervisory
Committee is further enhanced by having voting rights at Board of Directors’ meetings and the right to state opinions on
matters such as the nomination and remuneration of directors at General Meetings of Shareholders.
In addition, we have adopted the executive officer system in an effort to separate decision-making and supervisory functions from the execution of operations of the corporation. By delegating some of the decisions on important business execution to directors, the Company can enrich discussions on matters of special importance at the Board of Directors’
meetings, while further expediting business judgments on other matters by management under the Representative Director(the management team).

Chart of Corporate Governance System
General Meeting of Shareholders
Election/Dismissal

Election/Dismissal

Election/Dismissal

Reporting/Stating Opinion

Board of Directors

ReportingDirectors (excluding directors serving on the Audit & Supervisory Committee) Directors serving on the Audit & Supervisory Committee

Reporting execution of operation

Financial/Accounting Auditor

Reporting

Audit Office

Coordination

Auditing
Auditing

Auditing

Executive Officers
Group Companies

Divisions

Reporting
Auditing/Determining proposals for election or dismissals
Coordination

ANNUAL REVIEW 2016

Audit & Supervisory Committee

Exchange opinions

Representative Directors

15Supervision/Reporting(consisting of directors serving on the Audit & Supervisory
Committee, including a majority of outside directors)

Selection/Supervision/Delegation of
execution of important operation

TO OUR SHAREHOLDERS
FeatureBusiness Overview
AND INVESTORS
Kick-off of CCBJI

CSR Initiatives

Corporate Gover- Dividend Policy andConsolidated
Consolidated
Company Profile /nance
Shareholder Rewards Financial Indices Financial Statements Stock Information

Dividend Policy and Shareholder Reward Points System
Dividend

Trends of Annual Dividend (excluding a commemorative dividend) per Share

We intend to pay an annual dividend per share of¥44 (interim dividend of ¥22 and year-end dividendof ¥22) in 2017. This is consistent with the dividend

(yen)
50.0
40.0

per share paid in 2016 for Coca-Cola West and30.0

Coca-Cola East Japan prior to integration (excluding

20.0

commemorative dividend at CCW).

10.0
0

41.0

41.0

41.0

2013

2014

2015

44.0

44.0

2016

2017 (Year)(Forecast)

Note: Data before 2 0 1 6 is the results for Coca-Cola West Co., Ltd. prior to thebusiness integration. The company paid a commemorative dividend pershare of ¥2 in 2016.

Shareholder Reward Points System
We provide “Shareholder Reward Points” in late March of the following year to shareholders with 100 or more shares asof December 31, depending on the number of shares held and holding period. Shareholders can choose to exchange their
Reward Points (one point = ¥60) by referring to the shareholder benefit site and the catalog of goods on our website, withassorted Coca-Cola products or as donations to social contribution activities, etc.
In addition, we introduced a Long-Term Holding Preferential Points System on December 31, 2015 (record date). For
shareholders who continuously hold our shares for three years or longer, we will present Long-Term Holding Preferential
Points depending on the number of shares held.
Options for Reward Points (examples)

Coca-Cola product selection

Social contribution
activities
Donation to Ichimura
Shizenjuku-Kyushu

Large Bath Towels
with Coca-Cola
logo

Overview of Shareholder Reward Point System

Number of shares heldfrom 100 to less than 500 sharesfrom 500 to less than 1,000 sharesfrom 1,000 to less than 5,000 shares
5,000 or more shares

Holding period:
less than 3 years

Holding period: 3 years or more

Shareholder
Reward Points(1) Shareholder Reward
Points(2) Long-Term Holding
Preferential Points

Total Points (1) + (2)45 Reward Points
60 Reward Points
90 Reward Points
180 Reward Points

45 Reward Points
60 Reward Points
90 Reward Points
180 Reward Points+30 points+45 points+60 points+120 points

75 Reward Points
105 Reward Points
150 Reward Points
300 Reward Points
ANNUAL REVIEW 201616

Consolidated Financial Indices
Results for Coca-Cola West Co., Ltd. prior to the business integration.
Item

2006

2007

2008

2009

2010

Net Revenues
Growth Rate in Net Revenues

(Millions of yen)(%)

327,82133.3

409,52124.9

395,556(3.4)

369,698(6.5)

375,764
1.6

Operating Income
Operating Income / Net Revenues

(Millions of yen)(%)

12,321
3.8

16,056
3.9

10,521
2.7

2,242
0.6

12,003
3.2

Recurring Income
Recurring Income / Net Revenues

(Millions of yen)(%)

13,225
4.0

17,493
4.3

11,048
2.8

2,085
0.6

12,659
3.4

Income (Loss) before Income Taxes (Millions of yen)
Income before Income Taxes / Net Revenues (%)

13,1084.0

14,254
3.5

2,402
0.6

(10,446)(2.8)

12,982
3.5

Net Profit (Loss) Attributable to Owners of Parent(Millions of yen)(%)
Return on Sales

7,570
2.3

9,375
2.3

129
0.0

(7,594)
(2.1)

7,582
2.0

(Millions of yen)

—

—

—

—

—

Earnings (Loss) Per Share

(Yen)

82.22

88.29

1.25

(75.96)75.84

Return on Equity

(%)

3.6

3.7

0.1

(3.3)

3.4

Return on Assets

(%)

5.1

5.6

3.7

0.7

3.8

Total Assets

(Millions of yen)

304,907

315,672

277,696326,818

346,032

Net Assets

(Millions of yen)

250,463

254,025

234,521

222,816

226,267

Equity Ratio

(%)

82.1

80.5

84.4

68.2

65.3

Net Assets per Share

(Yen)2,358.05

2,391.83

2,345.03

2,227.96

2,260.03

Price Book Value Ratio (PBR)*1

(times)

1.2

1.0

0.8

0.7

0.7

Price Earnings Ratio (PER)*2

(times)

33.5

28.0

1,549.5(21.6)

19.4

Cash Flow from Operating Activities (Millions of yen)

21,80633,00016,18028,74731,732

Cash Flow from Investing Activities

(Millions of yen)

(14,956)(23,306)

2,153(23,447)(49,203)

Cash Flow from Financing Activities

(Millions of yen)

(9,244)

3,586(31,486)

43,297(16,316)

Cash and Cash Equivalents at End of Fiscal Year(Millions of yen)

22,28435,564

22,412

71,22137,434Comprehensive Income

Dividend Payout Ratio (Consolidated)

(%)

51.1

48.7

3,440.0—

52.7

Dividend per Share
[Interim Dividend Amount per Share]

(Yen)
(Yen)

42.00
[20.00]43.00[21.00]43.00[21.00]42.00[21.00]40.00[20.00]Interest Coverage Ratio*3

(times)

589.3

285.4

462.7

97.2

35.4

Depreciation and Amortization

(Millions of yen)

19,571

22,533

21,741

24,06922,405

Capital Expenditure

(Millions of yen)

22,02019,951

18,032

25,201

16,524*1 Price Book Value Ratio (PBR) = Market Value at End of Period ÷ Equity per Share*2 Price Earnings Ratio (PER) = Market Value at End of Period ÷ Earnings per Share*3 Interest Coverage Ratio = Operating Cash Flow ÷ Interest Paid

17

ANNUAL REVIEW 2016

TO OUR SHAREHOLDERS
FeatureBusiness Overview
AND INVESTORS
Kick-off of CCBJI

CSR Initiatives

Corporate Gover- Dividend Policy andConsolidated
Consolidated
Company Profile /nance
Shareholder Rewards Financial Indices Financial Statements Stock Information

2016

2011

2012

2013

2014

2015

2016

(CCEJ)

399,7176.4

386,637(3.3)

431,711
11.7

424,406(1.7)

440,4763.8

460,455
4.5

572,496
1.7

16,4694.1

13,463
3.5

15,9273.7

11,008
2.6

14,262
3.2

21,143
4.6

18,4893.2

16,0444.0

13,845
3.6

16,606
3.8

10,6092.5

13,723
3.1

20,602
4.5

17,921
3.1

14,013
3.5

12,186
3.2

18,730
4.3

8,409
2.0

15,228
3.5

12,7072.8

17,472
3.1

6,997
1.8

6,031
1.6

13,625
3.2

4,482
1.1

9,970
2.3

5,245
1.1

10,718
1.9

5,605

7,326

16,332

6,931

11,217

5,022

6,464

69.99

60.33

128.15

41.07

91.35

48.05

84.51

3.1

2.6

5.6

1.8

3.9

2.0

4.6

4.7

4.1

4.7

3.0

3.8

5.5

4.8

342,560

337,348

374,418

337,260

378,105

377,468

369,348

227,864

231,056

257,936

254,150

260,878

261,173

233,635

66.4

68.4

68.8

75.2

68.9

69.1

63.1

2,275.55

2,307.44

2,359.82

2,325.19

2,386.81

2,389.28

1,836.64

0.6

0.6

0.9

0.7

1.0

1.4

1.4

19.1

22.1

17.4

40.4

26.9

71.7

30.5

39,96026,32440,082

28,62840,422

34,38832,707(34,050)(14,243)(16,493)(9,590)(24,994)(19,921)(32,959)(8,780)(7,149)(8,286)(37,498)

22,416(7,546)(4,969)34,56439,49560,27541,83079,82886,727

16,352

58.6

68.0

32.0

99.8

44.9

95.7

37.9

41.00
[20.00]41.00[20.00]41.00[20.00]41.00[20.00]41.00[20.00]46.00[22.00]32.00[16.00]

58.1

41.8

66.0

50.8

97.2

72.6

257.8

21,371

20,64323,75822,94324,04817,491

22,287

21,201

20,031

20,242

22,783

16,181

25,72735,935

ANNUAL REVIEW 201618

Consolidated Financial Statements
Results for Coca-Cola West Co., Ltd. prior to the business integration.

Consolidated Balance Sheets (As of December 31)
Item(Unit: Millions of yen)

2014

2015

2016

ASSETS
Current Assets
Cash and Deposits

41,99649,95563,849Trade Notes and Accounts Receivable

27,79730,086

29,649100

30,001

23,11225,65927,73527,279

547

600

652

Raw Materials and Supplies

2,166

2,305

1,998

Deferred Tax Assets (Current Portion)

3,299

2,817

2,572

Other

14,79814,75814,761

(316)

(372)

(287)

116,050

157,888

163,587

Buildings and Structures, net

33,132

33,23031,162

Machinery, Equipment, Vehicles, net

23,252

21,381

22,688

Sales Equipment, net

27,11330,31339,999Land

59,15563,204

62,128

11

69

5

1,457

1,978

1,829

144,124

150,178

157,815

Goodwill

39,53931,762

22,668

Other

8,160

6,638

4,889

47,69938,401

27,557

Investment Securities

19,162

22,382

20,144

Deferred Tax Assets

1,708

1,512

1,367

—

—

123

Other

8,914

8,317

7,392

Allowance for Doubtful Accounts

(398)

(574)

(519)

29,386

31,63728,508

Total Fixed Assets

221,210220,217

213,881

Total Assets

337,260

378,105

377,468

Marketable Securities
Merchandise and Finished Goods
Work in Process

Allowance for Doubtful Accounts
Total Current Assets
Fixed Assets
Property, Plant and Equipment

Construction in Progress
Other, net
Total Property, Plant and Equipment
Intangible Assets

Total Intangible Assets
Investments and Other Assets

Net Defined Benefit Asset

Total Investments and Other Assets

19

ANNUAL REVIEW 2016

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FeatureBusiness Overview
AND INVESTORS
Kick-off of CCBJI

CSR Initiatives

Corporate Gover- Dividend Policy andConsolidated
Consolidated
Company Profile /nance
Shareholder Rewards Financial Indices Financial Statements Stock Information(Unit: Millions of yen)

Item

2014

2015

2016

LIABILITIESCurrent Liabilities
Trade Notes and Accounts Payable

17,75019,532

15,990Current Portion of Long-Term Loans Payable

2,517

2,517

17

Accrued Income Taxes

2,024

2,112

5,717

Other Accounts Payable

20,64921,42625,042

260

355

308

8,173

10,061

8,662

51,37556,00655,739Bonds Payable

20,00050,00050,000Long-Term Loans Payable

2,719

201

183

Deferred Tax Liabilities

1,270

3,381

2,965

Net Defined Benefit Liability

3,871

3,375

3,505

149

163

191

3,722

4,099

3,709

Total Long-Term Liabilities

31,734

61,22160,556

Total Liabilities

83,109117,227

116,295

Common Stock

15,231

15,231

15,231

Capital Surplus

109,072

109,072

109,072

Retained Earnings

131,355

136,851

137,404

Treasury Stock(4,580)(4,586)(4,593)

Total Shareholders’ Equity

251,079

256,569

257,114

3,389

5,217

4,092

Deferred Gains or Losses on Hedges

317

(177)

77

Foreign Currency Translation Adjustments

16

17

(3)

Cumulative Adjustments for Retirement Benefits(1,026)(1,132)(522)

Total Other Accumulated Comprehensive Income

2,696

3,924

3,643

374

384

414

Total Net Assets

254,150

260,878

261,173

Total Liabilities and Net Assets

337,260

378,105

377,468

Provision for Sales Promotion Expenses
Other
Total Current Liabilities
Long-Term Liabilities

Provision for Directors’ Retirement Benefits
Other

NET ASSETS
Shareholders’ Equity

Other Accumulated Comprehensive Income
Net Unrealized Gain (Loss) on Other Marketable Securities

Non-Controlling Interests

ANNUAL REVIEW 201620

Consolidated Statements of Income and Consolidated Statements of Comprehensive Income (January 1 to December 31)
Results for Coca-Cola West Co., Ltd. prior to the business integration.
Consolidated Statements of Income
Item
Net Revenues
Cost of Goods Sold
Gross Profit
Selling, General and Administrative Expenses
Operating Income
Non-Operating Income
Interest Income
Dividends
Equity in Earnings of Associates
Gain on Sales of Property, Plant and Equipment
Rent Income
Other Non-Operating Income
Non-Operating Expenses
Interest Expenses
Loss on Disposal of Property, Plant and Equipment
Expense for Bond Issuance
Other Non-Operating Expenses
Recurring Income
Extraordinary Income
Gain on Sales of Property, Plant and Equipment
Gain on Sales of Investment Securities
Gains on Negative Goodwill
Extraordinary Losses
Impairment Loss
Loss from Disaster
Loss on Disposal of Property, Plant and Equipment
Write-down of Investment Securities
Loss on Disposal of Inventories
Goods Indication Response Expenses
Loss on abandonment of inventories
Loss on Withdrawal from Pension Fund
Structural Reform Costs
Restructuring Expenses
Loss on Liquidation of Associates
Income before Income Taxes
Income Taxes
Income Tax Adjustments
Total Income Taxes
Net Profit
Net Profit Attributable to Non-Controlling Interests
Net Profit Attributable to Owners of Parent(Unit: Millions of yen)

2014

2015

424,406
211,525
212,881
201,873
11,008
1,264
79
339
87
205
106
445
1,663
550
489
—
623
10,609
611
189
421
—
2,810
—
24
—
16
421
190
—
—
981
760
417
8,409
2,531
1,363
3,894
4,515
32
4,482

2016

440,476
216,524
223,951
209,689
14,262
1,209
53
370
88
120
101
475
1,748
416
726
133
472
13,723
8,177
—
78
8,099
6,672
5,191
—
1,113
78
—
—
—
289
—
—
—
15,228
3,211
2,028
5,239
9,989
18
9,970

Consolidated Statements of Comprehensive Income
Item
Net Profit
Other Comprehensive Income
Net Unrealized Gain (Loss) on Other Marketable Securities
Foreign Currency Translation Adjustments
Adjustments for Retirement Benefits
Share of Other Comprehensive Income of
Associates Accounted for Using Equity Method
Total Other Comprehensive Income
Comprehensive Income(Breakdown)Comprehensive Income Attributable to Owners of Parent
Non-Controlling Interests

21

ANNUAL REVIEW 2016

460,455
221,844
238,611217,467
21,143
1,239
48
410
199
27
124
428
1,780
468
746
—
565
20,602
1,131
921
209
—
9,025
6,857
1,081
—
156
—
—
930
—
—
—
—
12,707
7,039
364
7,404
5,303
58
5,245
(Unit: Millions of yen)

2014

2015

2016

4,515

9,989

5,303

1,174
16
893

1,827
1
(114)

(1,125)
(20)
592

332

(486)

272

2,416
6,931

1,228
11,217

(280)
5,022

6,899
32

11,198
18

4,964
58

TO OUR SHAREHOLDERS
FeatureBusiness Overview
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Kick-off of CCBJI

CSR Initiatives

Corporate Gover- Dividend Policy andConsolidated
Consolidated
Company Profile /nance
Shareholder Rewards Financial Indices Financial Statements Stock Information

Consolidated Statements of Changes in Shareholders’ Equity (January 1 to December 31)
Results for Coca-Cola West Co., Ltd. prior to the business integration.
(Unit: Millions of yen)

Shareholders’ Equity

Other Accumulated Comprehensive Income

Net Unrealized
Foreign
Gain (Loss) Deferred
Cumulative Total Other
Total
NonGains
Currency Adjustments Accumulated
on Other
Treasury Shareholders’ Marketable (Losses) on Translation for Retirement Comprehensive Controlling Total Net
Stock
EquityInterests Assets
Hedges Adjustments Benefits
IncomeSecurities

CommonStockCapitalSurplusRetained
Earnings

15,231109,072

136,851

Distribution of Dividends——(4,692)—

Net Profit Attributable to
Owners of Parent

—

—

5,245

Acquisition of Treasury
Stock

—

—

Cancellation of Treasury
Stock

—

Net Changes in Items Other
than Shareholders’ Equity
during the Fiscal Year

Balance as ofJanuary 1, 2016

(4,586) 256,569

5,217

(177)

17

(1,132)

3,924

384

260,878(4,692)

—

—

—

—

—

—

(4,692)

—

5,245

—

—

—

—

—

—

5,245

—

(6)

(6)

—

—

—

—

—

—

(6)

—

0

0

0

—

—

—

—

—

—

0

—

—

—

—

—

(1,125)

255

(20)

609

(280)

30

(250)

Total Changes during
the Fiscal Year

—

—

552

(6)

545

(1,125)

255

(20)

609

(280)

30

295

Balance as ofDecember 31, 201615,231109,072

137,404(4,593) 257,114

4,092

77

(3)

(522)

3,643

414

261,173

Changes during
the Consolidated
Fiscal Year 2016

ANNUAL REVIEW 201622

Consolidated Statements of Cash Flows (January 1 to December 31)
Results for Coca-Cola West Co., Ltd. prior to the business integration.
Item
Cash Flows from Operating Activities
Income before Income Taxes
Depreciation and Amortization
Impairment Loss
Amortization of Goodwill
Increase (Decrease) in Provision for Directors’
Retirement Benefits
Increase (Decrease) in Net Defined Benefit Liability
Decrease (Increase) in Net Defined Benefit Asset
Interest and Dividend Income
Interest Expenses
Equity in Losses (Earnings) of Associates
Loss (Gain) on Sales of Marketable and Investment
Securities
Write-down of Marketable and Investment Securities
Loss (Gain) on Sales of Fixed Assets
Loss on Disposal of Fixed Assets
Gains on Negative Goodwill
Loss on Liquidation of Associates
Decrease (Increase) in Accounts Receivable
Decrease (Increase) in Inventories
Decrease (Increase) in Other Assets
Increase (Decrease) in Accounts Payable
Increase (Decrease) in Other Liabilities
Other
Sub-totalInterest and Dividends Received
Interest Paid
Income Taxes Paid
Income Taxes Refunded
Net Cash Provided by Operating Activities
Cash Flows from Investing Activities
Acquisition of Marketable and Investment Securities
Proceeds from Sales of Marketable Securities andInvestment Securities
Acquisition of Fixed Assets
Proceeds from Sales of Fixed Assets
Acquisition of Shares of Subsidiaries and Associates
Acquisition of Shares of Subsidiaries
Acquisition of Shares of Subsidiaries with Change
in Scope of Consolidation
Expenses for Sale of Shares of Subsidiaries with
Change in Scope of Consolidation
Long-Term Loans
Proceeds from Collection of Long-Term Loans
Increase in Time Deposits
Proceeds from Refund of Time Deposits
Other
Net Cash Used in Investing Activities
Cash Flows from Financing Activities
Expenses for Repayment of Short-Term Loans
Expenses for Repayment of Long-Term Loans
Proceeds from Issuance of Bonds
Redemption of Bonds
Expenses for Acquisition of Treasury Stock
Proceeds from Sales of Treasury Stock
Dividends Paid
Dividends Paid to Non-Controlling Interests
Other
Net Cash Provided by (Used in) Financing Activities
Translation Differences for Cash and Cash Equivalents
Net Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Increase in Cash and Cash Equivalents Associatedwith New Consolidation
Cash and Cash Equivalents at End of Year

23

ANNUAL REVIEW 2016

(Unit: Millions of yen)

2014

2015

8,409
22,943
—
2,649

2016

15,22824,0485,191
2,649

12,707
17,491
6,857
2,302

3

14

27

(1,726)
—
(419)
550
(87)

(610)
24
(423)
416
(88)

1,003
(123)
(459)
468
(199)

(421)

(78)

(209)

16
(370)
404
—
417
(1,032)
854
(97)
1,517
(1,260)37
32,389440(563)(3,812)
175
28,628

78
(118)
1,538
(8,099)
—
262
2,491
1,936
(1,447)721
336
44,073425(415)(3,862)
202
40,422

156
(893)
875
—
—
437
711
(128)
(3,542)160(89)
37,553459(473)(3,918)767
34,388(1,021)

(20)

(257)

6,958

272

876

(21,702)
1,475
—
(301)

(16,576)
863
—
(20)

(23,347)
2,304
(3)
—

—

(10,124)

—

(74)

—

—

(1,110)1,012(3,305)8,505(25)(9,590)

(441)
923
(160)
296
(7)
(24,994)

(453)
959
(160)
167
(6)
(19,921)—(2,517)—(30,000)(3)
0(4,474)(34)(467)(37,498)
16(18,444)
60,275(50)(2,517)
29,866—(6)
0(4,474)(34)(366)
22,416
1
37,84541,830—(2,517)——(6)
0(4,692)(28)(300)(7,546)(20)
6,899
79,828—152—

41,83079,82886,727

TO OUR SHAREHOLDERS
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Consolidated
Company Profile /nance
Shareholder Rewards Financial Indices Financial Statements Stock Information

Company Profile / Stock Information (As of June 30, 2017)
Company Profile
Company name:Coca-Cola Bottlers Japan Inc.

December 20, 1960

Establishment:

Headquarters:

Tokyo Midtown Tower, 9-7-1 Akasaka,
Minato-ku, Tokyo, Japan

Registered office:7-9-66 Hakozaki, Higashi-ku, Fukuoka,Japan(As of April 1, 2017, the company name waschanged to Coca-Cola Bottlers Japan Inc.)¥15,231 million

Paid-in capital:

Number of employees
17,200(consolidated):

Stock Information
Basic Information

Number of Shares Held and Percentage of Shares Held by
Shareholder Category

Securities Code:

2579

Authorized Shares:

500,000 thousand shares

Outstanding Shares: 206,268 thousand shares

Number of
Shareholders

Number of
Shares Held

(Persons)(Thousands)

Financial Institutions

80

34,047

Securities Companies

43

3,175

100 shares

Other Domestic Corporations

919

73,132

Tokyo Stock Exchange (First Section)
Fukuoka Stock Exchange

Foreign Corporations

511

69,731

Individuals and Others

57,757

24,1741

2,006

59,311

206,268

Number of
Shareholders:

59,311

Number of Shares
per Trading Unit:
Stock Exchange
Listings:
Major Shareholders

Shareholder

Treasury Stock
Number of Shareholding
Ratio
Shares Held(Thousands)

Total

(%)

Ricoh Company, Ltd.

17,075

8.4

European Refreshments

15,454

7.6

Coca-Cola (Japan) Co., Ltd.

12,502

6.1

Japan Trustee Services Bank, Ltd.
(Trust Account)

6,288

3.1

Toyo Seikan Group Holdings, Ltd.

5,604

2.7

The New Technology
Development Foundation

5,294

2.6

The Master Trust Bank of Japan, Ltd.
(Trust Account)

5,261

2.6

Satsuma Shuzo Co., Ltd.

4,699

2.3

Senshusha Co., Ltd.

4,088

2.0

Coca-Cola Holdings West Japan, Inc.

4,074

2.0

Note1: 2,006 thousand shares of treasury stock are not shown in the table above
and are excluded from the calculation of shareholding ratios.
Note2: Shareholding ratio of The Coca-Cola Company: 16.35%
	(Including indirect holdings through subsidiaries such as European
Refreshments, Coca-Cola (Japan) Co., Ltd. and Coca-Cola Holdings WestJapan, Inc.)

Composition of Shareholders
Treasury Stock

1.0%

Financial Institutions

16.5%

Individuals andOthersSecurities
Companies

11.7%

1.5%

Foreign Corporations

33.8%

Other Domestic Corporations

35.5%

ANNUAL REVIEW 201624

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